I have to go all the way to DC to find evidence of a housing bubble in Bakersfield? Why are the local reporters asleep at the wheel?
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Some mortgage lenders and relocation companies now expect appraisers to examine a wide range of data they never emphasized during the boom years. Gary Crabtree, owner of Affiliated Appraisers, based in Bakersfield, Calif., said that besides the traditional "recent comps," he now factors in at least eight other types of data in determining the value of a house:
Pending sales under contract.
· Listing prices of houses in the area.
· Market supply and demand.
· Length of time unsold on the market for current listings.
· Price reductions or increases on current listings.
· Notices of defaults and notices of trustee's sales
· Known concessions provided to buyers to facilitate sales.
· Personal interviews with real estate agents on what they're experiencing with sellers and buyers
Crabtree said one house he tracked was first listed in October at $299,900. It sat unsold for 122 days. Then the listing agent pulled it out of the system briefly and brought it back as a new listing, but this time at $269,000. When it didn't sell in 30 days, the agent again yanked the listing and reported it as a new one with an asking price of $259,000.
The house is now on the market for $229,000, "but it's still not selling."
Thanks to Ben Jones for the tip. http://thehousingbubbleblog.com/
7 comments:
Thats a 24% haricut! LOL!!!
*haircut
Gary Crabtree has been the most vocal person, speaking publicly about the declining Bakersfield market.
Crabtree makes his money dealing with real estate, and still isn't afraid of speaking his mind about the current declining Bakersfield market.
I remember he was more less laughed at last year, by many of the local RE agents in Bako, for saying the market will decline.
When the market hit's bottom, who's going to have any creditability in the market, Crabtree will.
I liked how Crabtree got that dig in, regarding the RE agent’s playing the relisting game.
The Californian would have never published the article.
Bakersfield: keep up the good work, you've got an awesome Blog here!
Hat tip, to the Washington Post.
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